Japan Passes Landmark Stablecoin Bill - Top Crypto Updates

Japan passes landmark Stablecoin Bill for investor protection

Japan's Parliament has passed a legal framework around stablecoins. It aims to provide a safety net for investors in the wake of last month's TerraUSD collapse that resulted in multi-billion losses. Stablecoins will be considered as digital money and must be linked to the yen or another legal tender, guaranteeing holders the right to redeem them at face value.

Crypto prices today: Bitcoin up 1.5%, ETH down 0.4%

Bitcoin is currently trading at $30,362.81, an increase of 1.5% over the previous day. Ethereum fell 0.4% over the last 24 hours to $1,813.5. Solana rose 2.7% to $40.55, while Cardano rose 2.4% at $0.584. Avalanche (AVAX) rose 2.5% to $24.05. The global crypto market cap stands at $1.25 trillion, a 1.46% increase over the previous day.

New York Senate passes Bitcoin mining moratorium

The New York State Senate passed a bill targeting proof-of-work (PoW) mining early to address some of the environmental concerns surrounding cryptos. The bill will impose a two-year moratorium on any new PoW mining projects powered by carbon-based fuel in the Empire State. Existing mining firms or ones currently undergoing the permit renewal process will be allowed to continue operations. 

Binance, The Weeknd launch ‘crypto-powered’ world tour

Crypto exchange Binance will sponsor musician The Weeknd’s upcoming world tour. The partnership will feature multiple non-fungible token (NFT) initiatives and a $2M donation to the artist’s XO Humanitarian Fund. Binance claims it will be the first global concert tour to tap Web3 tech for fan experiences.

Bitstamp launches Earn product for ETH, Algorand in US

Crypto exchange Bitstamp has launched the Bitstamp Earn product to American investors. The product is meant to be a turn-key Ethereum (ETH) and Algogand (ALGO) staking solution. Investors fund their Bistamp accounts and then collect staking rewards. Bitstamp takes a fee on the yield customers earn.